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On November 29, 2023, the Supreme Court heard oral argument in a critically important administrative law case, Securities and Exchange Commission v. Jarkesy, No. 22-859.

Virtually every day brings another headline trumpeting the latest campaign by a shareholder activist against a public company. Activists have become fixtures on the corporate landscape, agitating for change at a growing number of U.S. corporations. Over the last 15 years, the number of activist campaigns in the U.S. has more than tripled, reaching 277…